The cost of buying and selling property should become cheaper with the axing of a monopoly held by lawyers to carry out conveyancing work.
After almost nine years' gestation, Parliament voted the Lawyers and Conveyancing Act into law yesterday, creating a new profession of licensed conveyancer.
'This can only be good news,' Consumers Institute chief executive David Russell said.
'It's been a long time coming.'
Conveyancing costs when buying a home typically cost between $750 to $1000.
In 1997 Labour's then opposition MP Phil Goff proposed a law change to break the monopoly to bring down that cost.
A more comprehensive bill was finally introduced in 2003 designed to also reform the law relating to lawyers and redefine the obligations of lawyers and conveyancing practitioners.
Minister Mark Burton said the creation of licensed conveyancers would enhance competition in that area, while the new act would strengthen protections for consumers and give the public greater confidence in the legal services industry.
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